All Forum Posts by: Matt Clark

Tim Wilson I'm not sure exactly what you meant in saying the goal is for the apartments to support the commercial occupancies, but in my experience the opposite usually proves true. One would think having apartments on site will create a built in customer base, but in reality it's pretty insignificant. The commercial tenants have to be strong on their own, with or without apartment dwellers "under the same roof". However, the presence of the commercial tenants often increase the desirability of the property/area to prospective residents. It's more important to 200 residents to know they can grab dinner at the nearby restaurant once in a while than it is to the restaurant to know that 200 nearby residents will grab dinner once in a while.

Emily N. are they looking for a contractor/consultant, or an employee? I think a number of people reading your post here might be interested if they had more details. Where are the properties located?

James Fisher there are numerous companies that specialize in exactly the situation you described. Google "skip tracing" and you'll find some good options. Good luck!

@Steve Garner does your lease make any reference to loud or obnoxious behavior?  Or not interfering with the peaceful enjoyment of the property by others?  Most leases contain wording along these lines, and if yours does then you can document the violation and serve notice of violation according to your state law/rules/regs.  

@Matt B. yes, I do because I want new tenants to know what to expect.  Sometimes they are moving from a place where it was ok to be late. 

Matt B. Day 6: 5 day Pay or Quit notice is posted. Day 12, summons for Unlawful Detainer is filed at the clerks office. The court date will be 2 to 4 weeks after the filing, depending on the case load, holidays, etc. If the tenant appears on the court date and contests, the judge will set a trial date in another 2 weeks or so. If they don't appear at the initial hearing, or don't contest at the original hearing, you will most likely get an a award of possession in 10 days. If they don't vacate within the 10 days you'll file a writ of possession, and the sheriff will enforce it in a timeframe that varies from one locality to another.

Justin Tortorich you can save things like that in Buildium. It's a great software for small portfolios.

Anna Milligan yes, it's common for the property owner to be named as an additional insured. That way you should receive a notification if their coverage lapses, but in reality it doesn't always happen.

Richard Vargas I've never heard that term used either. I would ask the broker what they meant.

@Plato Panagos, I've managed a number of below grade units, and thankfully have never had a plumbing backup.  So I really can't speak to that... although with a new acquisition I would recommend "scoping" the main drain by running a camera to inspect it.  Better to correct any problems before they happen.

These units are almost always priced lower than a similar unit above grade for obvious reasons.  If it's priced right it will rent.

Storage units are also a good option, although there would be the same exposure to the risk of plumbing backups.  A simple "Storage Addendum" to the lease can cover all the details of pricing, rules/regulations, etc.  And by adding it to the lease, the tenant's insurance coverage will be extended to the storage unit.